Korean mobility firm JM.WAVE, specializing in repowering aging internal combustion engine trucks into electric ones, has secured a KRW 3 billion Series A investment. Notable participants include Brite Energy Partners, A-Stone Ventures, and Kiwoom Asset Management.

Investors were drawn to JM.WAVE for its capability to repower aging diesel trucks and for pioneering Korea’s first commercially viable battery exchange system. The investment is anticipated to drive market expansion in the logistics industry through the establishment of an eco-friendly ecosystem facilitated by regulatory sandbox demonstration exemptions.

With this funding, JM.WAVE’s total capital reaches KRW 5 billion. The newly acquired investment is poised to accelerate the pilot project for a 1-ton last-mile truck scheduled for release in 2024, supporting distribution expansion and global market entry, particularly in North America and Southeast Asia.

Choi Yong-deok, the head of the business division, mentioned, “We aim to complete the certification for modifying electric trucks, currently entrusted to the Korea Automobile Safety Research Institute, by March. Through ongoing product enhancements, we plan to fast-track product launches and sales in the latter half of this year.”

CEO Park Jung-min of JM.WAVE stated, “This investment will enable JM.WAVE to contribute significantly not only to the logistics sector but also to the creation of a sustainable green mobility ecosystem. We will consistently introduce products and business models that make a meaningful impact on carbon reduction.”